Russia The news from the front is preparing to take steps to pave the way for international payments with cryptocurrencies. The Central Bank of Russia was previously against crypto payments.
The Central Bank of Russia made a positive comment, stating that its stance against digital currencies may ease in a short time. On Tuesday, an official from the central bank said they are open to allowing the use of cryptocurrency for international payments.
According to Reuters, the vice president Ksenia YudaevaHe said the bank sees relatively high risks from wider use of cryptocurrencies. He reiterated that as the regulatory authority, the bank is aware of the risks posed by the use of crypto.
“Russian central bank is open to allowing the use of cryptocurrency for international payments.”
The vice president also claimed that the risks to financial stability in the country have decreased recently. He stated that the reason for this decrease was the ‘abundant foreign exchange liquidity’ between banks.
The head of the department of fiscal policy of the Ministry of Finance of Russia Ivan ChebeskovIt came after . made a similar comment. Chebeskov stated last week that the country is considering allowing its cryptocurrency to be used for international payments.
Also, reports last month suggested that the country’s new bill on cryptocurrencies proposes radical changes. The bill suggested that digital currencies could be considered a non-currency payment instrument of the Russian Federation.
The first harsh objections from the Central Bank came in early February. The authorities, who likened crypto assets to a ‘ponzi’, took a very harsh stance. The Central Bank of Russia believes that crypto can be a tool for illegal financial transactions and therefore recommends banning its use and mining activities.
The statement came after Ivan Chebeskov, head of the fiscal policy department of the Russian finance ministry, made a similar comment. He said last week that the country is considering allowing its cryptocurrency to be used for international payments.
Also, reports last month suggested that the country’s new bill on cryptocurrencies proposes encouraging changes. The bill suggested that digital currencies could be considered a non-currency payment instrument of the Russian Federation.
Central Bank’s First Resistance
In early February, Russia’s central bank expressed its opposition to the use of crypto. At the time, he noted, it bore the imprint of a pyramid scheme. The Central Bank of Russia believes that crypto can be a tool for illegal financial transactions and therefore recommends banning its use and mining activities.
Recent events, including the invasion of Ukraine by Russia and the resulting financial sanctions, bode well for cryptocurrency adoption in the country.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.